Snap shares sink as two million users move on

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(Reuters) - Snap Inc (SNAP.N) shares plunged 14 percent on Friday after the Snapchat-owner posted its second straight quarter of user losses and forecast further declines, a boost for Facebook Inc’s (FB.O) Instagram ahead of its results next week.

FILE PHOTO - A man takes a photograph of the front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it shortly before the company's IPO in New York, U.S., March 2, 2017. REUTERS/Lucas Jackson

At least four Wall Street analysts cut their price target as Snap’s much-criticized app redesign continued to weigh on daily active user numbers (DAU), particularly in Europe and the U.S.

A revelation for teenage users and twenty-somethings worldwide when its vanishing-post model was first launched in 2011, Snap’s user growth has stalled in the past two years as Instagram mimicked its best features.

Its 186 million users in the third quarter compares to the Facebook-owned app’s more than 1 billion.